Communism is when nobody owns anything. Is it Socialism? No. Socialism is when workers own the means of production.
This is more like Proactive Capitalism. The infusion of disposable income in the local economy won't be felt for a while since most people will be paying off their debts, but once most of the debts are cleared, what's left after the basic expenses will most likely begin to circulate wider throughout the economy.
People who hated their jobs will quit and begin to pursue their dreams. This means that many businesses will lose so many employees that they will not be able to function.
McDonald's has come up with a solution for the sudden loss of employees. Interactive kiosks in place of people taking verbal orders. This will make communicating orders clearer and more efficient.
The problem is that the new income will elevate the standards of consumers beyond what they are accustomed. We will realize that we have been consuming trash for generations.